The current state of $INDEX
INDEXUSDT has been taken by short-termists since the pump. These are greedy, hit n'run traders, people looking for a quick profit, who've only found out about INDEXUSDT because of the pump and are hoping for a continuation of the price move.What that means is the tendency for the price to keep falling back down is big right now, given said participants are highly emotional and hyped, so they won't think twice before dumping their positions for a quick profit or if the price goes agains them. They are fool hyenas, highly-mimetic participants who trade on emotions - boom and bust, volatile ones to be precise. And so, given its new participants, I don't believe this market to be under healthy dynamics right now.
I've been on INDEX since it was below $1 and sold a good portion of my bags on the pump. Will slowly re-enter the position when the time is right, and specially when all the hopes and excitement of the short-termists is gone, they start leaving the market, and INDEX goes as if back to being a sleeping giant only a few care about - until laggards find out about it again ;)
I suspect it will take some time until prices fall back to a reasonable value, but I'm willing to wait and slowly DCA - markets reward the patient.
Be greedy when others are fearful, be fearful when others are greedy.
Have a great year!
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